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CIRE Limited Partnership
Summary |
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The Principals of Sunstone, Darren Latoski and Steve Evans, held the majority 66.6% ownership and were the principal architects of CIRE Limited Partnership.
| Final closing: |
July 2003 |
| Total units: |
1,195 |
| Per unit: |
$12,500 |
| Debenture interest rate: |
9% |
| Equity raised: |
$14,937,500 |
| Total portfolio acquired: |
$40,500,000 |
| Number of properties: |
2 |
| Gross sale proceeds: |
$63,000,000 |
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Parkway Mall Shopping Centre
Don Mills, ON |
| Purchase price: |
$29,000,000 |
| Purchase date: |
January 2003 |
| Property type: |
Retail & office |
| Net rentable area: |
282,516 sq. ft. |
| Number of tenants: |
128 |
| Date sold: |
January 2004 |
| Selling price: |
$37,500,000 |
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No photo available.
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Queensway Business Park - 50% interest
Etobicoke, ON |
| Purchase price: |
$11,500,000 |
| Purchase date: |
October 2003 |
| Property type: |
Industrial business park |
| Area: |
334,200 sq. ft. |
| Number of tenants: |
25 |
| Date sold: |
January 2004 |
| Selling price: |
$25,500,000 |
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| Return on investment |
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| Each unit was acquired for $12,500 and all of the properties were sold within 13 months of investment. |
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Summary of cash distributions paid to Limited Partners |
Total
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Per $2,500 unit
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| In 2003 |
$ 201,656.25 |
$ 168.75 |
| In 2004 |
$ 5,736,000.00 |
$ 4,800.00 |
| Total cash received |
$ 5,937,656.25 |
$ 4,968.75 |
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| Summary of interest paid on debentures |
Total |
Per $10,000 debenture |
| In 2003 |
$ 1,075,500.00 |
$ 900.00 |
| In 2004 |
$ 209,208.65 |
$ 175.07 |
| Debenture redemption Feb. 2004* |
$ 11,950,000.00 |
$ 10,000.00 |
| Total interest received |
$ 13,234,708.65 |
$ 11,075.07 |
| * Please note this amount represents the full face value of the debentures. |
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| Total cash received from January 2003 to August 2004 |
$ 19,172,364.90
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$ 16,043.82
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| In summary, from date of investment to the date the last property was sold, investors' total net return was 28.35%. |
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